As the owner of its contents, only you, and not the bank, know what’s held inside it. (The bank or credit union does not hold a copy of your personal key only you do.) What Safe Deposit Boxes Are Used For

To access what’s in your safe deposit box, you’ll need to go to the branch, show proof of identity and provide your key. Typically, it takes two keys to open a safe deposit box: your key, plus a key that your bank or credit union retains. Safe deposit boxes are kept in a secure vault at a bank or credit union branch. Depending on the financial institution, they can be as small as 3 x 5 inches or as large as 10 x 15 inches. These boxes, which can be rented at either brick-and-mortar banks or credit unions, come in different sizes and are typically made of metal. What Is a Safe Deposit Box?Ī safe deposit box is a secure container that you can rent to store important items. Before signing up for a safe deposit box, it’s helpful to understand how they work, what they cost and when it makes sense to use one. Safe deposit boxes can be an alternative to keeping a safe at home, although they may not be right in every situation. When you’re looking for a place to store cash, important documents or other valuables, a safe deposit box is one option to consider.

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